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3 things you must know when opening a current account
Growing businesses need additional banking services. One of the most common requirements is a current account. This is a type of deposit account that serves the needs of professionals and businesspersons. Simply put, a current account allows for withdrawal of funds and cheques being written against the balance, while not limiting the number of transactions. Good banks offer customized current account options that are both dynamic and intuitive. Before going for a current account opening, here are the top 3 things you must know. Read on.
A current account is designed to offer additional services beyond the usual savings bank account. Hence, a current account understands your unique business needs.
New banks like IDFC Bank offer a transparent and simple charge structure with no minimum balance requirement. There is also free cash deposit limits up to 10 times of AMB (Average Monthly Balance) maintained, which is designed to give your freedom.
Other benefits with a discerning current account include a commercial debit card packed with features, access to a unified internet banking platform, 24/7 banker on call, a personal relationship manager, and doorstep banking facility for cash, cheques, and documents. Banks will also provide you with a combined account statement to give you a detailed look. Doing transactions is a breeze too. Banks offer you free RTGS/NEFT collections and payments, free local/anywhere cheque collections and payments free demand drafts and also free outstation cheque collection at bank location/speed clearing transactions. If your bank is not offering these facilities, switch to IDFC Bank.
There are roughly six types of entities who are eligible to operate a current account. These are resident individuals, Hindu Undivided Family (H.U.F.), sole proprietorship, partnership, limited company / limited liability partnership, and trust/ association/club/society. All these categories have to follow different Know your customer (KYC) norms.
For example, the current account opening for sole proprietorships will include KYC requirements such as identity and for the proprietor, PAN card of the proprietor, proof of identity, address and activity of the concern and a usually no-objection certificate (if the firm is enjoying credit facility from any other banks) with tracer for a fortnight for response from the other bank.
On the other hand, the KYC documentation partnerships include the furnishing of partnership deed certificate of incorporation/registration or proof of application, a power of Attorney granted to a partner or an employee of the firm to transact business on its behalf among others. Be sure to know which category you belong to and accordingly arrange the documents along with current account opening forms.
Usually, good current accounts come with a minimum pay-in of Rs. 50,000 at the time of opening. There are some charges that one needs to know as well. Current accounts may have cash deposit charge once you extinguish the free limit. Usually, charges will vary between Rs 3-5 per Rs 1000.
There may be DD payable fees at correspondent bank locations. There may be Rs 30-100 once your free DDs feature is over.
Also, current accounts also tend to have cheque bounce charges.
Lastly, there could be international ATM or POS transaction fees on the debit card. Usually, this is 2-3% markup of the transaction value. Please note that all fees or charges may attract GST, as may be applicable, and this will be paid by the customer.